Fitch cuts South Africa to negative

Fitch Ratings said it has revised the outlook on South Africa to negative from stable and affirmed its long-term foreign and local currency issuer default ratings at BBB and BBB+, respectively.

The issue ratings on the senior unsecured foreign and local currency bonds have also been affirmed at BBB and BBB+, respectively, the agency noted.

The country ceiling has been affirmed at A- and the short-term foreign currency issuer default rating at F3.

Fitch noted that it has also affirmed the common country ceiling of Lesotho (BB-), Namibia (BBB-) and Swaziland (not rated) at A-, in line with South Africa's country ceiling.

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